GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The place has a highest gross flooring location of 782,978 sq ft. Based upon URA’s evaluation, it can potentially generate about 775 readily available units.
Lee Sze Teck, senior executive of data analytics at Huttons Asia, says that the complexity of establishment near an MRT line and offering an underground pedestrian link might have been major considerations in the property developers’ proposal for the location.
The Marina Gardens Crescent area is the 2nd location offer for sale in the Marina Gardens place, right after the GLS site at the nearby Marina Gardens Lane was sold in June past year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The location is zoned “residential with business at 1st floor”.
The white site can possibly be turned into a mixed-use project with commercial, hotel, residence, sports and recreational and other suitable elements or a mix of 2 or extra of these uses.
“If granted the area, we will develop a brand-new and exciting mixed project catering to local residents and a range of services, and contribute to the National’s vision of making Marina South a captivating, renewable and community-centric community.” claims a GuocoLand representative in a report.
The quote rate works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white site.
The government land sales (GLS) tender for the white location at Marina Gardens Crescent closed on Jan 18, along with the non commercial area at Media Circle.
The Marina Gardens Crescent white area attracted just one proposal at $770.46 million, submitted by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint venture in between Hong Leong Holdings and Japanese property developer Mitsui Fudosan).
The Kingsford-led consortium’s acquisition price at $1,402 psf ppr is 42.5% higher than the $984 psf ppr sent by GuocoLand and its joint project associates.
The Marina Gardens Crescent spot is beside the Marina South MRT station and near the Marina Bay Financial District and Gardens by the Bay.